Nurminen Logistics (NLG1V) CMD 2026 summary

Strategic transformation and growth plans

• Transitioned from a Nordic to a pan-European rail operator, focusing on scalable international rail logistics and expanding direct rail connections, especially between Southern and Northern Europe.

• Asset-light, scalable business model leverages partnerships, subcontractors, and client system integrations, enabling rapid expansion with low capital intensity.

• Growth driven by new European corridors, such as Italy–Sweden block train service, with plans to replicate for Spain–Nordics and further expansion in Italy and France.

• Acquisitions like Essinge Rail and North Rail have strengthened the European network and operational capabilities, particularly in Sweden and Central Europe.

• M&A strategy targets value chain elements connected to the current network, avoiding non-core assets and turnaround cases.

Financial performance and capital allocation

• 2025 revenue reached €109M (+4.4%), with a 16.7% comparable EBITA margin, ROE of 15.6%, and rail logistics now accounting for over 70% of revenue.

• Maintained strong profitability and balance sheet, with net debt/EBITDA at 0.87, gearing at 14%, and consistent dividend payments since 2022.

• Asset-light model enables high cash conversion, low CapEx (under 2% of revenue), and flexibility to scale operations.

• Capital allocation prioritizes organic growth, especially new route launches, while maintaining the ability to pursue selective, strategic M&A and shareholder returns.

• Dividend policy remains cautious but growing, with share buybacks approved and a EUR-denominated dividend proposed for 2026.

Market positioning and industry trends

• Over 1,000 clients, with 80% international, and a diversified customer base across multiple industries, reducing dependency on any single segment.

• Unique value proposition through integrated, multimodal logistics solutions, offering both block train and single wagon services tailored to client needs.

• Positioned to benefit from EU rail market liberalization, regulatory push for modal shift, and decarbonization trends, with EU targeting 30% shift from road to rail/inland waterways by 2030.

• Integrated, service-driven operators are gaining market share as customers seek end-to-end accountability and cross-border execution.

• Sees significant growth potential as European rail infrastructure improves, particularly with new connections to Spain and ongoing expansion in Central and Southern Europe.